货币政策对国债利率期限结构的影响分析

Analysis on the Effect of Monetary Policy to Term Structure

我国货币政策的实施会对国债利率期限结构产生显著的影响。但是,货币政策对短期、中期和长期即期利率所施加影响的效果是不同的,其对短期利率的影响要远远大于对中长期利率的影响,从而对国债利率期限结构的斜率也有显著的影响。

The paper analyzes the influence mechanism of monetary policy to the term structure in China. The implementation of monetary pohcy will exert a distinct effect on term structure,but it have a different impact in the short term,medium term and long term spot rates and will have a much more remarkable impact on short term spot rates.